"The security of your family depends on the stability of our public finances. To every mother, father, grandparent, uncle, aunt I would ask this question.

"When you look at the children you love, do you want to land them with a legacy of huge debts? Do you want to limit their future ... to make life more difficult for their generation because we refuse to do the right thing in our generation."

It came as George Osborne vowed to cut inheritance tax under a future Conservative government and suggested there would be no rise in VAT.

In an interview with The Sunday Times, he accused Labour of plotting a "tax bombshell" which would lead to an increase in income tax or a 3 per cent rise in national insurance.

On Tuesday he will call a vote in the Commons on a new charter of budget responsibility, which will commit the next government to eliminating the deficit withi three years.

Mr Cameron will say tomorrow: "Your job, your home, the mortgage you pay. The schools your children go to, the hospital you go to when you're ill, the streets we live on, the very stuff that makes life worthwhile in our country, all these things depend on sound public finances. We cannot overstate how important this is."

Ed Miliband, the labour leader, confirmed that Labour will vote in favour of the charter tabled by Mr Osborne.

Mr Miliband has previously said he favours using a 50-50 mix of cuts and tax rises to find the savings. However, he told the Andrew Marr show on BBC One: "you cannot pluck a figure out of the air".